Merkel Insists No Changes to Greek Bailout

Germany’s Chancellor Angela Merkel called on Greece’s new government to fulfill its bailout-program commitments and refused to consider any changes to the European aid package for the country.

“There won’t be any changes to the memorandum of understanding,” Ms. Merkel said at a press conference in Los Cabos, Mexico, where she is meeting with leaders of the Group of 20 industrial and developing nations. “The new government in Greece must fulfill their commitments quickly.”

Greece held new elections on Sunday, after its political parties failed to reach a cross-party deal following previous elections in May. This time around, the conservative pro-European New Democracy party emerged as the strongest political party and will seek to form a pro-austerity coalition with other parties.

Ms. Merkel said she was waiting to see a report from the so-called troika – the European Commission, the European Central Bank and the International Monetary Fund — which is monitoring the progress of Greece, as well as Ireland and Portugal, in adhering to the terms of bailout assistance.